VanEck: Bitcoin Miners Maintain "Sell-as-You-Mine" Status as Options Market Hedging Signals Peak

MarsBitNews · 2026-03-20T03:45:04+00:00

On March 20, VanEck reported that the average price of Bitcoin fell by 19%, spot prices stabilized, and market volatility decreased from 80% to 50%. On-chain activity declined, with transfer volume and average daily transaction fees decreasing. Miners largely continued their buy-and-sell strategy immediately after mining, while defensive sentiment in the options market surged, with put option premiums reaching new highs.

MarsBitNews

2026-03-20 03:45:04

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Mars Finance reports that on March 20, VanEck Digital Asset Research Director Matthew Sigel posted on social media that the 30-day moving average price of Bitcoin has fallen 19%, but the spot price has stabilized. Market volatility has significantly decreased, with realized volatility dropping from 80% to 50%, and futures funding rates decreasing from 4.1% to 2.7%. On-chain activity has cooled, with transfer volume down 31%, daily average transaction fees down 27%, and long-term holder distribution slowing. Regarding miners, they mostly continue the “mine and sell immediately” strategy, selling nearly all newly issued Bitcoin. The options market’s defensive sentiment has peaked, with the put/call open interest ratio averaging 0.77, reaching a new high since June 2021; the premium of put options over spot trading volume has hit a historic high of 4 basis points.

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